# Delek US Holdings, Inc. (DK)

> Source: Nexqual · https://nexqual.com/DK · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Delek US Holdings, Inc. (DK), nexqual.com/DK" · informational, not investment advice.

**Price:** USD 75.79 (-3.11% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 78.22 · day 75.12–79.38 · 52w 25.85–82.27 · market cap $4.64B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $12.1B, net income $225M (1.9% margin), free cash flow $681M (SEC filings).
- Valuation: P/E 20.7x (avg 85.2x at the last 1 fiscal year-ends), EV/EBITDA 7.2x, net debt $2.56B.
- Earnings quality: non-operating income -$273M vs operating income $583M over the last four quarters; P/E excluding non-operating income ≈9.8x (estimate: non-operating income taxed at the company's 8.9% effective rate).
- Analysts: Hold (mean 2.77 on a 1–5 scale) (13 analysts), mean target USD 84.85 (range 62–118).
- Total return with dividends: 1Y +106.3% vs S&P 500 +14.9%; 5Y +323.3% vs S&P 500 +80.3%.
- Next earnings: 2026-11-06, EPS estimate USD 8.07, revenue estimate $3.96B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $10.6B | $19.8B | $16.5B | $11.9B | $10.7B | $12.1B |
| Gross profit | $251M | $748M | $549M | -$43.1M | $612M | — |
| Operating income | -$34.7M | $458M | $245M | -$492M | $301M | $583M |
| Net income | -$128M | $257M | $19.8M | -$560M | -$22.8M | $225M |
| EPS (diluted) | -$1.73 | $3.59 | $0.30 | -$8.77 | -$0.38 | — |
| Free cash flow | $149M | $145M | $621M | -$495M | $6.3M | $681M |
| Gross margin | 2.4% | 3.8% | 3.3% | -0.4% | 5.7% | — |
| Operating margin | -0.3% | 2.3% | 1.5% | -4.1% | 2.8% | 4.8% |
| Net margin | -1.2% | 1.3% | 0.1% | -4.7% | -0.2% | 1.9% |
| Revenue growth | +45.8% | +86.0% | -16.8% | -28.0% | -9.5% | — |
| Cash + short-term investments | $857M | $841M | $822M | $736M | $626M | — |
| Total debt | $2.22B | $3.05B | $2.60B | $2.77B | $3.23B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 20.7x · P/E ex non-operating (est.) ≈9.8x · P/S 0.4x · EV/EBITDA 7.2x · EV/Sales 0.6x · P/FCF 6.8x · P/B 11.0x · FCF yield 14.68% · Earnings yield 4.84% · Dividend yield (paid, TTM) 1.33% · Net debt $2.56B · EV $7.20B
P/E at fiscal year-ends: Dec 2023 85.2x.

## Analysts
Consensus Hold (mean 2.77 on a 1–5 scale), 13 analysts; mean target USD 84.85 (low 62, high 118).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-22 | TD Cowen | Target raised | Buy | $85 → $90 |
| 2026-10-15 | Goldman Sachs | Target raised | Buy | $83 → $97 |
| 2026-10-14 | Wells Fargo | Target raised | Overweight | $82 → $95 |
| 2026-10-08 | Mizuho | Downgrade | Outperform → Neutral | $66 → $83 |
| 2026-10-07 | Freedom Broker | Initiated | Hold | $86 |
| 2026-09-14 | Raymond James | Target raised | Outperform | $72 → $90 |
| 2026-09-14 | Morgan Stanley | Target raised | Equal-Weight | $45 → $81 |
| 2026-09-14 | TD Cowen | Target raised | Buy | $76 → $90 |
| 2026-09-01 | Wells Fargo | Target raised | Overweight | $59 → $82 |
| 2026-08-18 | Goldman Sachs | Target raised | Buy | $73 → $83 |
| 2026-08-11 | Mizuho | Target raised | Outperform | $60 → $66 |
| 2026-07-21 | TD Cowen | Target raised | Buy | $58 → $76 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +106.3% | +323.3% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +106.8% | +33.4% |
| Volatility (annualized) | 54.0% | 54.1% |
| Max drawdown | -36.0% (Nov 2025→Jan 2026) | -61.9% (Apr 2024→Mar 2025) |

## Peers (Oil & Gas Refining & Marketing)
IEP (Icahn Enterprises L.P. - Deposi) USD 6.13 -0.33% · PARR (Par Pacific Holdings, Inc. Comm) USD 80.18 -5.34% · CVI (CVR Energy Inc.) USD 58.63 -3.46% · DKL (Delek Logistics Partners, L.P.) USD 56.91 +0.25% · UGP (Ultrapar Participacoes S.A. (Ne) USD 7.8 -2.13% · PBF (PBF Energy Inc.) USD 79.25 -2.81%

## More
Full page: https://nexqual.com/DK · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in DK's own 10-K filed 2026-02-27 (https://www.sec.gov/Archives/edgar/data/1694426/000162828026012664/dk-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Gravity Water Intermediate Holdings | "By acquiring Gravity and H20 Midstream, we intend to increase third-party revenue streams, diversify our customer and product mix, and expand our footprint in the Midland and Bakken basins, aligning with our strategic gr…" |
| Partner | Citigroup Energy | "In December 2022, we entered into an Inventory Intermediation Agreement with Citi (the "Inventory Intermediation Agreement") in which Citi purchases a substantial portion of the crude oil and refined products for three o…" |
| Partner | W2W Holdings | "HoldCo was originally formed by Delek and MPLX Operations LLC ("MPLX") to obtain financing and fund capital calls associated with our collective and contributed interests in the WWP joint venture." |
| Partner | H2O Midstream | "•our ability to execute our long-term sustainability strategy and growth through acquisitions and dispositions such as the sale of our Retail Stores, the Gravity Acquisition, the H2O Midstream Acquisition, and joint vent…" |
| Partner | Delek and MPLX Operations | "HoldCo was originally formed by Delek and MPLX Operations LLC ("MPLX") to obtain financing and fund capital calls associated with our collective and contributed interests in the WWP joint venture." |
| Partner | PLAINS ALL AMERICAN PIPELINE LP (PAA) | "In addition, Delek Logistics has two other pipeline joint ventures in which it owns a 50% membership interest in the entity formed with an affiliate of Plains All American Pipeline, L.P. to operate one of these pipeline …" |
| Partner | Alon USA Energy | "As a result of the termination of the License Agreement, we are no longer obligated to remove equipment from the property for certain development activities and as a result we have reversed the $17.9 million asset retire…" |

Other companies that name DK in their own reports (relationship from DK's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | Delek Logistics Partners, LP (DKL) | 10-K 2026-02-27 | "Unless otherwise noted or the context requires otherwise, references in this report to "Delek Holdings" refers collectively to Delek US Holdings, Inc. and any of its subsidiaries, other than the Partn…" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Refining | $3.91B | 95.6% | +48.4% |
| Logistics | $179.9M | 4.4% | +36.0% |
| Total revenue | $4.09B | 100% | — |

## Customer concentration

Period ended 2023-12-31: 10% of revenue from unnamed direct customers (10-K, filed 2026-02-27).

## Company outlook (8-K filed 2026-04-29)

- "The steady ramp-up of our Delaware Basin Libby 2 Plant and our comprehensive sour gas capabilities reinforce DKL's competitive position and support its attractive 2026 outlook."
- "The El Dorado Terminal Purchase is expected to close on October 1, 2027, subject to the satisfaction of customary closing conditions."
- "It assumes no beginning or ending inventory, so that the current period average purchase cost per barrel is a reasonable estimate of our market purchase cost for the current period, without giving effect to any build or draw on beginning inventory."
- "(4) Starting with the quarter ended September 30, 2025, we have updated our non-GAAP financial measures to include the benefit related to small refinery exemptions expected to be received specific to the current year obligation based on current laws and regulations."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $8.07 | $3.29 | +145.1% | $3.96B | 10 |
| Next quarter (ends 2026-12-31) | $4.66 | $1.38 | +238.3% | $3.69B | 9 |
| Current fiscal year (ends 2026-12-31) | $17.69 | $7.17 | +146.6% | $14.48B | 10 |
| Next fiscal year (ends 2027-12-31) | $9.09 | $3.05 | +197.8% | $13.42B | 10 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-06): ±15.0%; last 8 reports averaged ±8.6%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 66.7% | ±15.0% |
| 2026-12-18 | 56 | 65.4% | ±20.5% |
| 2027-01-15 | 84 | 63.0% | ±24.1% |
| 2027-03-19 | 147 | 62.7% | ±31.4% |
| 2027-04-16 | 175 | 62.1% | ±33.8% |
| 2027-05-21 | 210 | 62.6% | ±37.1% |
| 2027-08-20 | 301 | 61.4% | ±43.2% |
| 2027-11-19 | 392 | 60.0% | ±47.9% |